Budget for Maintenance from the Beginning
An investment property should be considered a business, you need to budget from the beginning being proactive – not reactive! We see too often an investor that cannot afford to conduct maintenance which causes many issues.
If a property is not maintained on a regular basis over time the value will drop and when it comes time to sell the property you will feel that you have to spend a substantial amount to bring the property up to market appeal or lower your sale price.
Look at this simple scenario from the beginning; if you plan on owning the property as an investment for 10 years, allow a minimum of $1,500 p/a this will equate to $15,000 over that 10 year time frame and a maintained property, if you don’t budget for this ask yourself, will you have $15,000+ ready to spend when it comes time to sell?